Pa Māke Loa: Bitcoin Grim Reaper
Nine two-ounce silver treatments of the “Death to All Fiat Currencies” design, including regular, reverse, antique, rainbow, and gold-plated combinations.
275 coins maximum across all nine finishes. That is the arithmetic total of the seller’s finish-by-finish ceilings. Nine complete sets account for 81 of those possible coins; the remaining stated allocations allow up to 194 singles. A maximum is not proof that every authorized piece was minted.
Coin and set specification
| Denomination or variant | Metal / format | Maximum mintage |
|---|---|---|
| Regular polished | 2 oz .999 silver | 40 |
| Reverse polished | 2 oz .999 silver | 40 |
| Gold plated, regular polished | 2 oz .999 silver | 35 |
| Gold plated, reverse polished | 2 oz .999 silver | 35 |
| Antique | 2 oz .999 silver | 25 |
| Rainbow, regular polished | 2 oz .999 silver | 25 |
| Rainbow, reverse polished | 2 oz .999 silver | 25 |
| Rainbow gold, regular polished | 2 oz .999 silver | 25 |
| Rainbow gold, reverse polished | 2 oz .999 silver | 25 |
Set composition
Nine matching-number coins, one of every finish, each in a clear airtight capsule with its own certificate of authenticity. Only nine complete sets were offered; set serials were selected from no. 9 and below, while individual coins received numbers above no. 9.
Nine finishes, side by side
The original sales post advertised nine distinct surface treatments. This comparison separates the coins from the maker’s nine-coin group photograph so the polished, reverse-polished, antique, gold, and rainbow treatments can be compared without repeatedly showing the full group image.
Smoothie named every finish but did not caption the positions in the group photograph. The matches below are reconstructed from metal color, mirrored field versus mirrored relief, the antique surface, rainbow accents, and the two designs marked ERROR. Treat them as the strongest visual candidates rather than a maker-supplied position key; the uncropped photograph remains in the gallery. Open the original sales thread.
Original offer prices
| Offer | As posted | Historical equivalent | Note |
|---|---|---|---|
| Nine-coin matching set · metal only | 0.137 BTC | 0.137 BTC ≈ $3,645 | Face-value funding excluded |
| Regular polished · single | 0.0155 BTC | 0.0155 BTC ≈ $412 | Face-value funding excluded |
| Reverse polished · single | 0.0155 BTC | 0.0155 BTC ≈ $412 | Face-value funding excluded |
| Antique · single | 0.0155 BTC | 0.0155 BTC ≈ $412 | Face-value funding excluded |
| Gold plated, regular polished · single | 0.018 BTC | 0.018 BTC ≈ $479 | Face-value funding excluded |
| Gold plated, reverse polished · single | 0.018 BTC | 0.018 BTC ≈ $479 | Face-value funding excluded |
| Rainbow, regular polished · single | 0.02 BTC | 0.02 BTC ≈ $532 | Face-value funding excluded · error finish |
| Rainbow, reverse polished · single | 0.02 BTC | 0.02 BTC ≈ $532 | Face-value funding excluded |
| Rainbow gold, regular polished · single | 0.021 BTC | 0.021 BTC ≈ $559 | Face-value funding excluded · error finish |
| Rainbow gold, reverse polished · single | 0.021 BTC | 0.021 BTC ≈ $559 | Face-value funding excluded |
Denomination at the post date
These values describe the loadable face amount, not the price of the metal collectible.
| Item | Face amount | BTC and USD equivalent on 2023-09-15 |
|---|---|---|
| Each coin denomination | 0.202 BTC | 0.202 BTC ≈ $5,375 |
| Nine-coin set face value | 1.818 BTC | 1.818 BTC ≈ $48,375 |
The release story
Maker statements and surviving thread evidence, organized as one continuous record.
Funded versus “BUYER FUNDED”
The sales post offered two delivery states. In Lealana’s wording, “BUYER FUNDED” identified the unfunded version. It did not mean that the coin already contained bitcoin.
Funded before shipment
The purchaser received a PGP-signed address list and had to load the exact 0.2020 BTC face amount before the coin shipped. The funded certificate used different wording and removed the BF text. The post assigned all in-transit cryptocurrency risk to the buyer.
Unfunded / BF-marked
A purchaser could instead order the physical coin with no bitcoin loaded. Its hologram was marked “BUYER FUNDED,” explicitly recording that the coin had never been funded before it left Lealana. It could be funded later by its owner.
How many were BF-marked versus loaded?
No issue-wide split is present in the sales record. A review of all 62 archived posts found no final count, and the maker said funding requests and PGP-signed address lists would be sent privately.
Original-thread count: unavailable
Orders arrived by private message or email, and buyers made their funding choice privately. No public master address list or final tally separates BF-marked coins from coins funded before shipment.
PCGS snapshot: 66 BF vs 21 standard
The PCGS population report updated September 11, 2026 lists 66 buyer-funded-marked Grim Reapers and 21 standard/non-BF pieces across eight classified finishes. These are grading-service populations, not mintages; the antique finish is not represented in the listed Grim Reaper categories.
What the numbers do not prove
The PCGS figures cover only submitted coins and may not equal unique production totals because unslabbed pieces are absent and grading populations can be affected by resubmissions. “Standard/non-BF” is therefore not used here as a definitive count of every originally loaded coin.
Keys, addresses, certificates, and serials
Private key and certificate
Each coin contained one private key, sealed beneath the coin’s hologram and accessible only by peeling that hologram. The certificate carried public information: the Bitcoin address, serial number, and identifying coin details.
Visible identification
The public Bitcoin address and serial number were laser-marked around the outer rim of the reverse. PGP-signed address lists were promised for both sets and singles.
Presentation
Every coin included a clear airtight capsule and a unique certificate of authenticity. A hologram and autograph on the back of the COA were offered for orders placed before October 11, 2023 HST.
Serial allocation
The nine matching sets used random serials no. 1–9. Individual coins were assigned random serials above no. 9.
Artwork and production details
The maker translated Pa Māke Loa as “Grim Reaper” and portrayed Bitcoin consuming USD, JPY, EUR, and other fiat currencies to gain power.
Optical text
Two of the nine fronts carried “Pa Māke Loa” lettering designed to disappear and reappear as the lighting and viewing angle changed. The post also invited buyers to look for additional hidden meaning in the rainbow designs.
Two acknowledged error finishes
The regular rainbow silver and regular-polished rainbow gold versions received a backwards BTC symbol. The maker accepted responsibility, distinguished it from a mint error, and added the word “ERROR” to those designs in rainbow color.
Rainbow variation
The seller warned that the silver rainbow process could produce color variation from the photographs and that individual results would differ.
Original fulfillment terms
Turnaround
The stated production and shipping window was two to three weeks after payment, intended to arrive before Halloween unless carrier delays intervened.
Shipping
The posted charge was $40 within the United States or $60 internationally. Shipments were described as USPS Registered Mail with restricted delivery and signature/identification required.
Additional comments from smoothie
Later replies in the same thread add context that was not all collected in the opening sales post.
A self-contained release
Smoothie said these were the only Grim Reaper coin sizes and types he intended to sell and that no additional Bitcoin characters were planned.
His comparison with earlier work
He described the Grim Reaper rainbow colors and artwork as superior to the earlier one-ounce silver rainbow Bitcoin Tenths.
Why the Halloween timing mattered
The maker wrote that Halloween was one of his favorite holidays; the original two-to-three-week production estimate was meant to put the coins in collectors’ hands before Halloween.
Address-verification warning
When private PGP-signed address lists were prepared, smoothie told recipients to compare every address with the laser-marked address on its coin and warned that one-time-message services could alter pasted address text.
Sales and fulfillment timeline
First-party updates posted by smoothie, arranged chronologically.
Sales opened
Nine matching-number sets and individual coins in all nine finishes went on sale. The maker confirmed that this was the complete planned Grim Reaper range.
All nine sets sold out
After two “sets left” updates and payment follow-ups on reservations, smoothie marked the matching nine-coin sets sold out.
Rainbow reverse polished sold out
The seller posted a public countdown from four remaining to three, then one, before confirming payment for the final piece.
Antique finish sold out
The antique allocation moved from three remaining to two, then one, and finally sold out.
Final error-finish inventory
Late availability updates listed five regular-polished rainbow-gold error coins, then four; the regular rainbow error version was listed with six remaining.
Entire issue sold out
Smoothie marked every finish sold out and posted the certificate treatment, including the optional autograph and hologram.
Unpaid reservations cleared
Outstanding unpaid orders were cancelled; the maker then reconfirmed that all coins remained sold out.
First shipments scheduled
The earliest orders were expected to ship in this window, with tracking supplied and funded buyers contacted about the full 0.2020 BTC face value.
Private address-list notice
Smoothie said PGP-signed address lists would be sent within one to two weeks and repeated the address-by-address verification warning.
Archival notes
- The first post ultimately marked the set and every individual finish sold out. The prices above were preserved in an earlier rendering of that first-party offer even though the visible price fields were later replaced with sold-out labels.
- The stated denomination was written as 0.2020 BTC on each coin.
Recovered photographs
20 image files from the first post were recovered and re-hosted here. Select any photograph to enlarge it.
Sources
- Original Grim Reaper sales thread · Bitcointalk topic 5466876
- Ninjastic archived topic record · smoothie’s posts and later thread replies reviewed
- Internet Archive Wayback captures · 12 unique captures indexed; 2023-09-24 to 2026-02-02
- PCGS Lealana population report · Graded-population snapshot; updated September 11, 2026
- CoinMarketCap historical snapshot for 2023-09-15